The MetaTrader 4 trading platform is undoubtedly the most popular of all trading platforms for Forex trading across the globe and virtually all the Forex brokers operating in South Africa offer MetaTrader 4 trading platform. This means you will have adequate opportunity to understand how the platform works. Because virtually all Forex brokers offer the MetaTrader 4 platform makes it the most used of all trading platforms you can ever find out there. You can register with any of the MT4 Brokers and have the opportunity to understand how it works perfectly. Bear in mind, however, that you will not have to go through much stress to understand how the MetaTrader 4 platform works.
Studies show that up to 40% of Forex traders use the MetaTrader 4 platform and this does not leave out traders in South Africa. While the MetaTrader 4 platform may be common to virtually all Forex brokers, bear in mind that the safety features, customer support and trading fees still differ from one Forex broker to another.
In the remaining part of this write-up, we will review six of the best Forex brokers using MetaTrader 4 and open to South African traders.
Comparison of the 6 best MetaTrader 4 brokers
The best 6 Forex brokers offering MetaTrader 4 platform in South Africa are:
- XM Broker
- IC Markets
HotForex stands a head taller than all of them and you can check below for some of the features that make this broker outstanding.
This platform is good for Forex traders looking for MetaTrader 4 platforms to trade Forex. The safety of the trader is outstanding you can access the MetaTrader 4 on mobile device, web and desktop.
- The average pip spread on EUR/USD with a premium account is 1.2 pips.
- The minimum deposit is $5, which is equivalent to R70.
- The Forex broker is regulated by FCA, CySEC and FSCA.
- It is ranked as number 1 MetaTrader 4 Forex broker in South Africa.
- It has been regulated since 2016 by the FSCA.
- The customer can access negative balance protection also.
- The customer support is equally outstanding.
- The trading condition is very good also.
- The customer is required to pay inactivity charges if the account remains inactive for a given period of time.
Hotforex is our recommended MetaTrader 4 Forex broker in South Africa. You will enjoy a safe trading experience here due to the fact that it is regulated by the FSCA. All account types offered on this platform gives access to the MetaTrader 4 platform. You will also enjoy various features like
- Hedging support
- Multiple time frames
- Expert Advisors
- And so on
Beginner’s guide to choosing the best among the MT4 Brokers in South Africa
What is MetaTrader 4?
As mentioned earlier, many Forex brokers in South Africa offers the MetaTrader platform and it is the most popular of all Forex trading platforms. It was first made public in 2005 and has grown in popularity since then to date.
There are two versions of the MetaTrader trading platforms:
- MetaTrader 4
- MetaTrader 5
You can trust both versions of MetaTrader platforms for your Forex trading.
It is offered by so many Forex brokers because of its popularity. The two versions are globally popular and can be trusted for your Forex trading activities.
MetaTrader platforms support various features like alerts, news feeds, technical analysis tools, charting, scripts, custom indicators, Expert Advisors and also give you the ability to record. Also, you can easily maintain archives on MetaTrader platforms.
Why should you consider a Forex broker offering MetaTrader 4 platform?
MT4 is about the best Forex trading platform for a beginner. You will not have a problem understanding how it works. You can also use it for any trading method you prefer, including copy trading, manual trading and algorithm trading.
- Wide usage: MetaTrader 4 platform is used globally and up to 40% of Forex traders use it. The trader can access easy help and extensive documentation on the platform. You can access help easily via articles and MQ4 codebase to help you use the platform better. It was developed by MetaQuote Software Corp and you will never be in want to scripts about the platform.
- Access: The MetaTrader 4 Forex trading platform can be accessed across various operating systems, including, android and Windows. So, you can one the platform on all devices.
- Multiple features: You can access various features on the MetaTrader 4 platform like charting tools, copy trading, support for signals, automated trading, multiple order types, optimizing expert advisors, back testing, as well as, cloud for automated trading and support for VPNs. Each of the end-users can access loads of technical charting tools that can ensure a better understanding of the market and help the trader to make informed trading decisions.
Expert Advisors: Forex traders using MT4 Brokers will also have access to the Expert Advisor tool and this can help to monitor and execute trades on behalf of the trader. The EAs are built based on specific parameters and assist the trader in making better trading decisions.
Free Demo account available: Most Forex brokers offering MetaTrader 4 allow access to demo accounts for their customers for free. This will enable a Forex trading beginner to learn and better understand how to trade Forex before progressing to live trading. Even professional traders will find use for the demo accounts.
Summary of the best brokers offering MT4 platform in South Africa
- It is regulated by FSCA, FCA and CySEC.
- The average spread per currency pair is 1.2 pips for traders that run premium accounts on the platform. The trader can also access raw spread with Zero account.
- The maximum leverage is 1:1000.
- The minimum deposit is R70 ($5).
- It supports MT4 for webtrader, iOS, Android, Mac and PC.
- It is regulated by ASIC and CySEC.
- The average pip spread for EUR/USD is 0.8 for traders running Ultra Low account.
- The maximum leverage is 1:888.
- The minimum deposit is $5 also.
- It supports MetaTrader 4 on all devices imaginable.
- It is regulated by FSCA and ASIC.
- The spread for EUR/USD is fixed at 0.9 pips.
- The highest leverage is 1:400
- Also, the minimum deposit is $100.
- It is also one of the MT4 brokers in South Africa and the MetaTrader platform is accessible on all devices.
- The platform is regulated by FCA located in the UK.
- Traders holding Classic account on this platform can access pip spread from 1.6 pips.
- Pro account holders, on the other hand, can also access raw floating spread plus commission.
- The maximum leverage is 1:500.
- The minimum deposit is $100.
- Traders can access MetaTrader 4 on all devices on this platform.
- It is regulated by ASIC and CySEC. It has also applied for FSCA regulation.
- The average pip spread on EUR/USD is 1.1 pips for traders holding Standard account.
- The maximum leverage is 1:500.
- Additionally, the minimum deposit is $200.
- Aside from MetaTrader 4, the traders can also access cTrader and MT5 trading platforms.
- It is regulated by FSCA, CySEC and FCA.
- The average pip spread on EUR/USD is 2.0 pips for traders holding Standard accounts.
- Also, the maximum leverage is 1:1000.
- The minimum deposit, on the other hand, is just $5.
- The traders can access both MT4 and MT5 trading platforms on this platform.